Form 8-K - Current report
February 27 2024 - 7:30AM
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2024-02-27
2024-02-27
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of report (Date of earliest event reported): February 27, 2024
Texas Pacific
Land Corporation
(Exact Name of Registrant as Specified in its Charter)
Delaware |
001-39804 |
75-0279735 |
(State or Other
Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer
Identification Number) |
1700 Pacific Avenue, Suite 2900, Dallas,
Texas 75201
(Address of Principal Executive Offices, including
Zip Code)
Registrant’s telephone number, including area
code: 214-969-5530
Not Applicable
(Former Name or Former Address, if Changed Since Last
Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:
|
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock (par value $.01 per share) |
TPL |
New York Stock Exchange |
Item 7.01 |
Regulation FD Disclosure. |
On February 27, 2024, Texas Pacific Land Corporation (“TPL”
or the “Company”) issued a press release announcing that, on February 26, 2024, the Delaware Supreme Court affirmed the previously
disclosed December 1, 2023 ruling of the Delaware Court of Chancery in favor of TPL in the litigation between TPL and Horizon Kinetics
LLC, Horizon Kinetics Asset Management LLC, SoftVest Advisors, LLC and SoftVest, L.P. (collectively, the “Investor Group”),
in Horizon Kinetics, LLC, et al. v. Texas Pacific Land Corporation, (C.A. No. 478, 2023) (Del.). A copy of the press release is
furnished herewith as Exhibit 99.1.
The information contained in this Item 7.01 and in the accompanying Exhibit
99.1 shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of
any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information
in this Item 7.01 and the accompanying Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities
Act of 1933, as amended.
| Item 9.01 | Financial Statements and Exhibits |
Exhibit
Number |
Description |
99.1 |
Press release dated February 27, 2024. |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Corporation has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
TEXAS PACIFIC LAND CORPORATION |
|
|
Date: February 27, 2024 |
By: |
/s/ Micheal W. Dobbs |
|
|
Micheal W. Dobbs |
|
|
SVP, Secretary and General Counsel |
Texas Pacific Land Corporation 8-K
Exhibit 99.1
Delaware Supreme Court
Affirms Ruling in Favor of Texas Pacific Land Corporation on Litigation Related to Stockholders’ Agreement
DALLAS – February 27, 2024 – Texas Pacific
Land Corporation (NYSE: TPL) (“TPL” or the “Company”) announced today that the Delaware Supreme Court (the “Supreme
Court”) affirmed the December 1, 2023 ruling of the Delaware Court of Chancery (the “Court of Chancery”) in favor of
TPL in the litigation between the Company and Horizon Kinetics LLC, Horizon Kinetics Asset Management LLC, SoftVest Advisors, LLC and
SoftVest, L.P. (collectively, the “Investor Group”), in Horizon Kinetics, LLC, et al. v. Texas Pacific Land Corporation,
(C.A. No. 478, 2023) (Del.).
As previously disclosed, on December 1, 2023, the Court of
Chancery issued a post-trial decision ruling in favor of the Company. Specifically, the Court of Chancery ruled that under the terms
of the June 2020 Stockholders’ Agreement between the Company and the Investor Group, at the Company’s 2022 annual
meeting of stockholders, the Investor Group should have voted with the Board’s recommendation on Proposal 4, the
Company’s proposal to increase the number of authorized shares of common stock, which has been deemed approved by
stockholders. On February 26, 2024, the Supreme Court affirmed the Court of Chancery’s post-trial decision and final judgment
in favor of the Company.
About Texas Pacific Land Corporation
Texas Pacific Land Corporation (NYSE: TPL) is one of the
largest landowners in the State of Texas with approximately 868,000 acres of land in West Texas, with the majority of its ownership
concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership allow revenue
generation through the entire value chain of oil and gas development, including through fixed fee payments for use of our land,
revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and treated produced
water, revenue from our oil and gas royalty interests, and revenues related to saltwater disposal on our land. The Company also
generates revenue from pipeline, power line and utility easements, commercial leases, and temporary permits related to a variety of
land uses including midstream infrastructure projects and hydrocarbon processing facilities.
TPL Investor Relations
IR@texaspacific.com
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